State Makes Loans Available to Weather-Proof Coastal Homes
Shoreline property owners can now apply to a state-funded loan program that provides financing for coastal home and business owners to protect their properties from future severe weather and flooding, Gov. Dannel P. Malloy announced Monday.
The program, called Shore Up CT, will mainly finance property elevations, but also offers additional retrofitting for flood protection and wind proofing.
“During this century we have experienced more frequent storm surges, and the number of severe storms is only expected to increase,” Malloy said. “With this in mind, it is in our best interest to protect our coastal communities before disaster strikes.”
As it stands, accepted applicants can borrow up to $300,000, with a minimum loan amount of $10,000 and a 2.75 percent fixed interest rate. Malloy said that federally-controlled programs to protect coastal properties against severe weather “didn’t quite work.”
According to Malloy, Shore Up CT will provide funding for residents who wouldn’t have been able to receive assistance from similar federal programs.
“Shore Up CT is the first program of it’s kind across the nation, dedicating non-federal resources to storms and disaster readiness,” Joan Carty, president and chief executive officer of the Housing Development Fund, said
Formally known as the Shoreline Resiliency Fund, Shore Up CT will be funded by the Department of Housing and managed by the Housing Development Fund. While $4.3 million of the program’s funding will be immediately available for the first wave of projects, the General Assembly approved up to $25 million in bonding for the program earlier this year.
Eligible properties for homeowners include primary and secondary single-family homes and one to four-unit owner-occupied rentals. Single-family homeowners must live in the property at least 14 days per year to be eligible.
For business owners, properties must have fewer than 100 employees and be in good standing with all state agencies as well as be subject to coastal flooding and located in either Zone VE or Zone AE in coastline communities as defined by FEMA and NFIP.
Eligible coastline municipalities include Greenwich, Stamford, Darien, Norwalk, Fairfield, Bridgeport, Stratford, Milford, West Haven, New Haven, East Haven, Branford, Guilford, Madison, Clinton, Westbrook, Old Saybrook, Old Lyme, East Lyme, Waterford, New London, Groton, and Stonington.
All properties must be up-to-date with all local, state, and federal taxes.